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Max S.

Vice President and Equity Research Analyst at Stifel Financial Corp.

Max S. is a Vice President and Equity Research Analyst at Stifel Financial Corp., specializing in U.S. technology and software companies. He provides research coverage for firms such as Salesforce, Adobe, ServiceNow, Workday, and Twilio, offering in-depth insights into their financial and market performance. Ranked by TipRanks with a strong accuracy rate and positive average returns on stock recommendations, Max has established a track record of valuable investment analysis. He began his finance career in the early 2010s, working previously at a major asset management firm before joining Stifel in 2017, and he holds both FINRA Series 7 and Series 63 securities licenses.

Max S.'s questions to Fortinet (FTNT) leadership

Question · Q4 2024

Max S., on for Adam Borg, asked about the potential for SASE and SecOps to become a more significant driver of new logos in 2025, as opposed to primarily being an upsell motion to existing customers.

Answer

CEO Ken Xie stated that while the primary growth driver for Unified SASE will likely remain upgrades from the large existing firewall and SD-WAN install base, Fortinet is also winning new enterprise customers who have issues with other SASE players. CFO Keith Jensen highlighted a recent win where a new customer deal started as a firewall displacement and expanded to include SD-WAN and SASE, showing the growing maturity of the sales motion for new accounts.

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